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The great IPO rush set to continue in 2022, with all eyes on LIC

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3 years ago

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The great IPO rush set to continue in 2022, with all eyes on LIC

India’s hot primary market, the company raised a record 1.18 trillion rupees in 2021, and it is expected that there will be frenetic activities in the coming year, although it depends largely on the performance of the secondary market.

The channel for IPOs in 2022 is strong. More than 15 companies have submitted a draft Red Herring Prospectus (DRHP) in the main markets in the fourth quarter of 2021, and plan to IPO in the first quarter of 2022. Investors are preparing for a listing. The Indian Life Insurance Company (LIC) plans an IPO in the first half of 2022, which is the largest IPO in the history of the Indian capital market. In 2022, this impact may also affect public offerings.

Ernst & Young’s head of Emerging Markets, Technology Media and Telecommunications (TMT) Prashant Singhal said that low interest rates and listing-day returns are attracting more retail investors and high-net-worth individual investors into the stock market.

“In addition, we are likely to see some companies driven by the first generation of entrepreneurs, these companies are also supported by large investors. Traditional investment channels continue to remain strong,” Singhal said.

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However, in addition to traditional investment, due to the covid-19 environment (through the increase in the opening of new stock brokerage accounts) and families seeking to profit from the bull market, we are seeing increased retail participation in the stock market in the Indian equity capital market. Changes in liquidity and changes in investment methods have made the stock market more attractive. Similar to the global market, investors are willing to invest in companies with attractive business models, good corporate governance and quality management teams,” he added.

Pranav Haldea, managing director of Prime Database Group, pointed out that the next year may see a strong primary market, and pointed out a healthy channel for IPO aspirants.

“Approximately 32 companies have obtained approval from the Securities and Exchange Commission of India (Sebi) and hope to raise 47,000 crore. Another 33 companies have applied for Sebi’s approval and hope to raise a total of 60,000 crore. In addition, the LIC IPO and NSE IPOs are the two most concerned issues in the coming year,” Haldea said.

Complete News Source : mint

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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1 day ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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